Home Sales on the Rise | Canada adds 90k jobs | Recommendations and more!

It's time to read about the latest insights, trends, and news. In this edition, we will delve into Canadian news on immigration, work and HR!

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Canadian Home Sales Rise 10% Year Over Year, Monthly Growth Slows

The Canadian Real Estate Association (CREA) reports a 10.1% increase in home sales for April compared to the previous year, largely attributed to the early Easter long weekend. Despite this annual growth, the average home price of $703,446 represents a 1.8% decline from April 2023.

On a month-to-month basis, home sales in April decreased by 1.7% compared to March, even as new property listings increased by 2.8% in anticipation of the spring market. This uptick in listings led to a notable 6.5% increase in overall market inventory—the second-largest month-over-month gain recorded.

At the end of April, the national housing market reported the highest inventory levels since the onset of the COVID-19 pandemic, with 4.2 months of inventory available compared to 3.9 months in March.

CREA senior economist Shaun Cathcart noted a reversal in market conditions this spring compared to last year, where a surge in buyers and historically low new listings characterized the season. This shift underscores a more balanced market, with increased supply providing buyers with more options.

The real estate landscape continues to evolve, influenced by seasonal factors and broader economic trends. Despite the monthly dip in sales, the year-over-year growth reflects ongoing resilience in the Canadian housing market amid changing conditions.

Immigration Ministers Gather in Montréal to Address Cuts to Temporary Visas

Federal and provincial immigration ministers will convene in Montréal on May 17th to navigate the challenge of reducing the number of temporary residents in Canada while sustaining economic growth and the integrity of the immigration system.

Immigration Minister Marc Miller will meet in person with his provincial and territorial counterparts for the first time since unveiling a plan to cap the number of new temporary residents, aiming to reduce their proportion in Canada's population from 6.2% in 2023 to 5% over the next three years.

The new targets will be refined over the summer after input from provinces and territories. Miller has already announced measures to limit international student admissions and expedite asylum claim processing. The federal budget introduced legislative changes to expedite deportation when claims are denied.

Temporary work permit holders, the largest category yet to be addressed, will be a central focus of discussions among ministers. Employers have become reliant on a growing number of temporary workers, with the count increasing from 337,460 in 2018 to 605,851 in 2022—a workforce Miller describes as labour market-dependent.

This shift aims to slow population growth, potentially alleviating housing pressure but also raising concerns about labour shortages. CIBC Economics' Andrew Grantham suggests this could prompt wage increases to retain or attract workers, potentially leading to the closures of less profitable firms reliant on low-wage foreign workers.

The new temporary visa targets, due to be published in the fall, represent a significant policy shift aimed at rebalancing Canada's immigration system for long-term sustainability.

Canada Adds 90,000 Jobs in April, Unemployment Rate Holds at 6.1%

In a surprising turn, Canada saw a significant increase of 90,000 jobs in April, surpassing economists' predictions of just 20,000 new jobs, according to Statistics Canada's latest Labour Force Survey. Much of this job growth was attributed to part-time positions, with over 50,000 added in this category. Additionally, industries like professional, scientific, and technical services saw notable employment gains.

A positive highlight was the increase in employment for individuals aged 15 to 24, with a rise of 40,000 jobs—marking the first monthly increase for this demographic since December 2022. Despite this growth, the overall unemployment rate remained unchanged from the previous month, holding steady at 6.1%, which is slightly higher compared to the same period last year.

While there is robust job growth, the stable unemployment rate can be attributed to strong population growth, with more individuals actively participating in the labour force.

Statistics Canada reported that private-sector employment saw a notable increase in April following several months of minimal change. This shift is a positive indication, particularly since recent employment growth has been somewhat driven by the public sector.

The employment rate, representing the percentage of the population that is employed, also remained steady at 61.4% in April, following six consecutive months of declines. However, it is important to note that this rate was nearly 1% lower compared to April 2023 due to faster population growth than employment growth.

These figures follow a slight job loss of 2,200 positions in March, which saw the largest increase in unemployment since summer 2022. Moving forward, the Bank of Canada will consider this report in its decision-making process regarding potential changes to interest rates next month. Economists widely anticipate a rate decrease sometime this summer, with April's inflation data playing a crucial role in shaping this decision.

Movie: Hello, Love, Goodbye,?

I highly recommend "Hello, Love, Goodbye" from an immigration perspective. This 2019 film presents a poignant portrayal of the challenges and aspirations faced by overseas Filipino workers (OFWs) like Joy, the main character.

Joy exemplifies the selfless dedication of many OFWs, laboring abroad to support their families back home. Her journey in Hong Kong highlights the sacrifices and hardships often endured by migrant workers striving to secure a better future for loved ones.

Ethan, a contrasting character, embodies the perspectives of those living more comfortably abroad. As a bartender with a different life trajectory, he and Joy form an unexpected bond shaped by their shared experience of being away from home.

The film's strength lies in its authentic depiction of the migrant experience. Rather than romanticizing overseas work, "Hello, Love, Goodbye" candidly explores the harsh realities and complexities that define the lives of OFWs. This grounded approach lends depth to the characters and storyline, capturing the essence of resilience and determination amidst adversity.

Despite its serious themes, the movie seamlessly weaves in a heartfelt romance and lighthearted moments, providing a balanced narrative that resonates with audiences. The chemistry between Joy and Ethan, along with the humorous interactions with their friends, adds depth and relatability to the storyline.

"Hello, Love, Goodbye" has earned its place as the highest-grossing Filipino film of all time, a testament to its universal appeal and compelling storytelling. For those interested in narratives that shed light on the immigrant experience and celebrate the triumph of the human spirit, this film is a must-watch. It offers a nuanced perspective on migration, love, and personal growth, making it a memorable cinematic experience that leaves a lasting impact.

Podcast: HR Storytellers

HR Storytellers, a weekly podcast by The Society for Human Resources Management (SHRM), provides valuable insights and inspiration for HR professionals, managers, and anyone interested in workplace dynamics.

Featuring engaging interviews and thought-provoking conversations, HR Storytellers showcases the real-life experiences of practitioners and leaders in the field. Episodes like "An HR Career in Creating Opportunities for Others" and "Yes, in HR, Sometimes You Do Have to Say That" offer diverse perspectives and practical wisdom.

Listeners gain access to compelling stories about why individuals are passionate about HR, what drives them, and pivotal moments in their careers. From overcoming challenges to championing equality and supporting colleagues' growth, each episode delves into meaningful lessons and experiences.

As part of SHRM's commitment to advancing HR practices, HR Storytellers invites professionals to share impactful anecdotes that have shaped their careers. These stories not only resonate with listeners but also provide valuable insights into navigating the complexities of human resources management.

By tuning in to HR Storytellers, audiences gain valuable lessons, inspiration, and a deeper understanding of the human side of HR. Whether you're seeking career guidance, and motivation, or simply intrigued by workplace narratives, this podcast offers a wealth of knowledge and perspective.

Home Marketing Assistance: Elevating Real Estate Services

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One standout feature of All Points’ domestic relocation services is their emphasis on personalized support for employees transitioning within North America. This personalized approach goes beyond basic relocation assistance, offering tailored solutions that address individual needs and preferences. By partnering with All Points, employees experience a smoother transition, which ultimately enhances job satisfaction and retention rates.

All Points’ Home Marketing Assistance Service revolutionizes the real estate process, providing corporate clients with a strategic advantage in managing home sales during relocations. This service brings a professional, business-minded approach to real estate transactions, establishing productive relationships with Realtors and ensuring optimal marketing strategies for each property.

Human Resources departments benefit from this service by gaining access to tangible data points and insights into the real estate market, empowering them to make informed decisions. All Points acts as a trusted advisor throughout the home marketing process, offering unbiased guidance on marketing strategies and negotiations. The inclusion of Real Estate Closing Assistance further underscores their commitment to comprehensive support. Contact us to learn more about our Home Marketing Assistance.?